Asian Activities Report for July 25, 2011: Agri Energy Limited (ASX:AAE) Commences Drilling First Well in Syria
Sydney, July 25, 2011 AEST (ABN Newswire) - Agri Energy Limited (ASX:AAE) has commenced drilling operations in Syria with the spud of Itheria-1, the first exploration well being drilled on the prospective Block 9. The Bashaer well will be the second well to be drilled after Itheria-1, and the two wells have a combined reserves of over 500 million barrels of oil equivalent.
Pan Pacific Petroleum NL (ASX:PPP) said today that preliminary assessment of the reserves of the Tui oil fields indicates that 40-42 MMbbls can be produced from the existing infrastructure. The Tui oil fields have proved a very successful project, and total production at end June was 30.1 MMbbls, net 3 MMbbls to Pan Pacific Petroleum.
ZYL Limited (ASX:ZYL) announced additional significant coal intersections at the Kangwane Anthracite Project. First phase of drilling totalling approximately 4,000 metres has been completed and second phase of drilling is expected to be completed by August 2011. The Company expects to expand existing resource areas identified for potential open-cut mining operations.
Green Rock Energy Limited (ASX:GRK) announced that farm-in partner New Standard Energy (ASX:NSE) has been awarded a Special Prospecting Authority for the Seven Lakes area in the Canning Basin in Western Australia, and Green Rock has the right to a 40% in any Exploration Permit taken up as a result of the SPA. Seven Lakes SPA contains prospective unconventional gas resources.
POSCO (SEO:005490) and SK Innovation (SEO:096770) will spend 3.35 trillion won to jointly develop first coal conversion technology in Korea to convert coal to synthetic natural gas, chemicals and liquid.
Inditex Group (MCE:ITX) and Trent Limited (BOM:500251), a fashion retail company part of the Indian conglomerate Tata Group, have reached an agreement for the entry of the Massimo Dutti in the country through a joint venture wherein Inditex will hold a 51% stake.
Indian industrial giant Mahindra and Mahindra Limited (BOM:500520) has offered to acquire up to 34,51,613 EPC Industries (BOM:523754) shares at 10 Rupees per share, representing 20.00% of the Emerging Voting Capital.